People Power Party: “We’ll Push for Probe Into NPS Rebalancing Suspension, Higher Domestic Stock Allocation”
The People Power Party on October 14 called for a parliamentary investigation into the National Pension Service’s decision to defer rebalancing and increase the allocation to domestic stocks.
People Power Party members of the National Assembly’s Health and Welfare Committee held a press conference at the National Assembly Communication Center that afternoon and said, “Using people’s retirement funds to promote the administration’s achievements or as a political tool for elections is unacceptable for any reason.”
They said, “In January, the National Pension Fund Management Committee temporarily deferred rebalancing domestic stocks, and in May, ahead of the local elections, it raised the target allocation to domestic stocks from 14.9% to 20.8%,” adding, “This changed the principles for managing the people’s precious retirement funds.”
They continued, “According to the National Pension Service, this year’s cumulative investment gains from domestic stocks fell by 124.8 trillion won in one month, from 283.5 trillion won at the end of June to 158.7 trillion won at the end of July.” They added, “An explanation that the fund achieved large gains cannot absolve those responsible of their duty to prepare for a sharp decline and manage risk.”
They said, “The circumstances behind the decisions to defer rebalancing and increase the allocation to domestic stocks, as well as whether there was political interference, must be brought to light.” They added, “The adequacy of risk management and the impact on the public must be assessed, and it must also be determined whether the independence and expertise of the National Pension Service were properly upheld in the decision-making process.”
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They said, “We also call on the Democratic Party of Korea to join a parliamentary investigation to uncover the allegations surrounding the people’s retirement funds.” They added, “Through the investigation, we will uncover the circumstances behind the decisions and establish accountability to the end, while protecting the National Pension Service’s independence so that people can once again entrust it with their retirement funds.”
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